MIGA Cooperates with Thai Exim Bank: Partnership aims to increase FDI into developing countries
Washington, DC, October 24, 2001— The Multilateral Investment Guarantee Agency (MIGA), a member of the World Bank Group, and the Export-Import Bank of Thailand signed an agreement today to jointly promote Thai investment into emerging economies.
MIGA and the Thai Exim Bank said at the Bangkok signing that they plan to jointly identify possible projects for guarantee coverage, with the goal of increasing foreign direct investment into emerging economies. The two organizations will coinsure and reinsure each other's projects, and cooperate through technical assistance and training.
"MIGA has a strong history of collaborating with the public and pri-vate insurance market. Our goal is to supplement and complement our counterparts to really leverage our role in promoting foreign in-vestment into developing countries," said MIGA's Executive Vice President, Motomichi Ikawa, at the signing.
Last year, Thailand became the agency's 154th member. MIGA's guar-antee portfolio in Asia accounts for 14 percent of its net exposure. The agency insured two important projects there last year, including a large infrastructure project in the Philippines supporting the north Manila toll road, and a telecommunications project in Vietnam.
"This partnership goes hand-in-hand with our efforts to help Thai in-vestors seeking to invest abroad, particularly in developing countries, and we look forward to building our relationship with MIGA," said Thira Wipuchanin, Senior Executive Vice President and Acting Presi-dent of the Export-Import Bank of Thailand.
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